Fg is serious about ifrs compliance for companies

THE CHIEF EXECUTIVE OFFICER, FINANCIAL REPORTING COUNCIL (FRC), MR. JIM OSAYANDE OBAZEE, HAS SAID THAT THE FEDERAL GOVERNMENT IS DESIROUS OF IMPLEMENTING THE INTERNATIONAL FINANCIAL REPORTING STANDARDS TO PROMOTE ACCOUNTABILITY AND ENCOURAGE INVESTORS
As you are well aware, the national roadmap became effective January 2012 and it is in a phased transition - three phases. The first phase was the financial statements we saw effective first quarter of last year, which covered the period January 1, 2012, to 31 December, 2012. Of course though it is a year-end financials, it was made public by the end of the first quarter of 2013.

The second phase January 1, 2013, to 31st December 2013, which are the financial statements we shall begin to see effective from the end of March this year. Under the first phase, we are supposed to be looking at the accounts of listed and significant public interest companies.

Listed companies are the once that are quoted on the Nigerian Stock Exchange (NSE) and significant interest companies are those entities that are not quoted, but they reported to a third regulator. That means other than filing with the Corporate Affairs Commission (CAC) and the Federal Inland Revenue Service (FIRS); they also file their financial statements with a third regulator.

To prepare your financial statement inline with the provisions of IFRS,you need to engage the services of consultants who are well grounded in the conversion process.
Some auditors and some companies claimed to have converted their clients account by just changing the format of their accounts and changing the names of some the items of their transaction to suite the IFRS way.This is called express conversion and such account would be rejected by CAC,IFRS AND FRC.
Detailed conversion is what is required where a comprehensive reclassification and adjustment would be done through a detailed GAP analysis.
The IT support system has to be updated etc
For proper IFRS conversion and training you can call 07034586186 or08171104782 or send mail to [email protected].